Business Survival Tips
Running a business can be rewarding and offers financial freedom that many people dream of when stuck doing the nine to five for an employer, but as with all things, you will have to overcome challenges. It can be more isolating and give rise to higher stress levels than having an employer. Still, thankfully the issues you are likely to encounter have been worked through by hundreds of entrepreneurs and business owners before. This means we already have a pretty good idea of handling them, and the three issues below are some of the most common problems and the survival tips you will need to move on.
Overwhelm and Wellbeing
According to experts, the signs of overwhelm including finding it hard to concentrate and focus, feeling under pressure and stuck, and of course, anxiety and stress. There are certainly times when running a business can feel like this, and the first thing to do is recognise and acknowledge that you are feeling overwhelmed. Finding wellbeing is then a series of steps that including taking control of things, from not watching the news if it is stressful to finally ticking off the job on your to-do list that has been itching away at the back of your brain. Take a few deep breaths, close your eyes and affirm positive thoughts while pushing catastrophic what-ifs to the side.
Carrying Out Due Diligence
One way you can minimise the likelihood of becoming overwhelmed is to ensure you are always carrying out due diligence, which in the most basic form means you need to do your homework. Whatever you are planning, it is essential to assess the risks and benefits and determine whether it is worth it. In business terms, you should never be investing your money in anything you haven’t thoroughly researched. Almost every decision you make can have the principles of due diligence applied. Some decisions are small. Therefore, the process is virtually automatic and nothing more than a thought process. For more significant and potentially costly mistakes, it is time to whip out the pen and paper and assess things more carefully.
Being Money Savvy
The final step is to ensure that you are money savvy, as this again helps mitigate the risk of overwhelm and forms a healthy part of due diligence. Budgets are important and a step that shouldn’t be skipped; it doesn’t mean they are final, it is your business, and you decide what gets spent at the end of the day. However, having a budget gives you better control and prompts you to look at things a little closer when you are close to the budget or looking to overspend. Look for opportunities to save money, whether that is changing suppliers or outsourcing tasks (yes, sometimes you spend money to save more in the long run). If your business earns you £30 an hour and cleaning takes 2 hours, that is £60 lost, so paying a cleaner £10 an hour reduces that loss and you more time to work.